income tax slab rates, surcharge for ay 2018-19 and residential status

Income-tax is a tax levied on the TOTAL INCOME of the PREVIOUS YEAR (P.Y.) of every PERSON. Previous Year (P.Y.) is the F.Y. immediately preceding the Assessment Year (A.Y.). A.Y. is the period of 12 months commencing on 1st April every year.

Income-tax Act, 1961:  governs the levy of income-tax in India

Income-tax Rules, 1962: formulated for proper administration of the Act

Circulars- issued by CBDT to clarify the meaning and scope of certain provisions of the Act

Notifications-issued to give effect to the provisions of the Act/make and amend Rules

INCOME TAX RATES FOR A.Y: 2018-19

• INDIVIDUALS
• FIRMS
• LLP
• DOMESTIC COMPANIES
• FOREIGN COMPANIES

INDIVIDUALS INCOME TAX SLAB RATES FOR A.Y: 2018-19

FIRMS, LLP & COMPANIES (DOMESTIC & FOREIGN)INCOME TAX RATES FOR A.Y: 2018-19

SURCHARGE RATES FOR INDIVIDUAL/HUF/AOPS/ BOIS/AJ, FIRM/LLP, DOMESTIC COMPANY, FOREIGN COMPANY A.Y. 2018-19

Note – Income-tax has to be computed on TI. Surcharge is computed on such income-tax. Education cess@2% and secondary and higher education cess@1% has to be computed on income-tax plus surcharge, if applicable

RESIDENTIAL STATUS AND SCOPE OF TOTAL INCOME

• INDIVIDUAL
• HUF
• FIRM & AOPs
• COMPANY

RESIDENTIAL STATUS FOR INDIVIDUALS

RESIDENTIAL STATUS FOR HUF, FIRM, AOPS, AND COMPANY

Read More about TDS on GST